Saving at St. Francis Credit Union

Saving on a regular basis makes good sense, whether you’re saving for something in the future or just for a ‘rainy day’. When you save, you not only help yourself, you also help your community as your savings provide a loan fund for other Credit Union members.

The Credit Union is committed to your financial well-being so as a member you can rest easy in the assurance that your savings are safe. A Credit Union savings account comes with a free Life Savings Insurance Scheme. This is the insurance cover a Credit Union provides for members, as an additional incentive for them to save regularly.

Savings Limit

The Savings limit will be raised to €40,000 per adult account will be effective from 5th September 2023.

Maximum total lodgement per account per month is €15,000.

Junior Accounts (Under 16) have a savings limit of €10,000


Withdrawing your Savings

You may withdraw your shares at any time, provided they are not pledged as security for a loan.
However, as far as possible, members are encouraged to keep their savings intact, thus ensuring that:

  • The shares continue to earn a dividend (if declared at the AGM);
  • They continue to benefit from Life Savings Insurance Protection;
  • The member can maintain their credit worthiness and capacity to borrow;
  • Members should note that withdrawals from your savings after the age of 55 may reduce the amount of life savings insurance cover.

Shares & Dividends

Every €1 saved is equivalent to 1 share in St. Francis Credit Union Limited. A minimum of €10 or 10 shares is needed to keep your St. Francis Credit Union account active. Each share is eligible for a dividend at the end of the year. Dividend rate declared at AGM is posted gross to members’ accounts and applicable to all Share Accounts, Dirt is separately shown on members’ accounts.

Returns made by St. Francis Credit Union does not include individual members’ details

The savings in St. Francis Credit Union Limited are used to make loans to other members. The interest received from loans and investments is used to pay operational expenses and to build up reserves. The remaining income may be returned to the members’ accounts after approval at the AGM which generally takes place in November/ December.

Some Additional Information

Those subject to tax and not qualifying for exemptions will be required to pay DIRT on their credit union dividend and interest payments. The rate of tax will be the prevailing rate announced in the Finance Act each year.